Renter’s Insurance: Does Your College Bound Child Need It?

When college students go back to school in the fall, they’re really not going to be thinking about getting insurance for their dorm. But experts say they should. Here’s why.

A lot has changed over the last few years. Students are no longer showing up to school with just a comforter and a microwave. Now they’re moving in with flat-screen TVs, expensive cell phones and lots of high-tech gadgets, and without the right insurance coverage, it could all be gone in a flash.

Parents need to know should something happen to all their kids’ belongings, the university won’t always replace it. Parents need to take a hard look at what their kids are taking to school and make sure that investment is covered. Experts say while a homeowner’s policy will cover most of it, it’s better to also get what’s called a personal articles policy which provides broader and more extensive coverage for things like computers, electronics, and jewelry – which in a normal homeowner’s policy, those items are only covered up to a certain point.

Now, if a student is living off campus, they won’t be covered by either policy. In that case, they’ll need to get renter’s insurance. The average renter’s policy costs around $200 a year. But what’s $200 a year when you take into consideration what is a stake.

It’s also important to keep a good record of everything they bring to school. Take pictures and write down the serial numbers, it will make it easier to file a claim should they have a loss.

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Please be aware that no coverage can be bound and no changes can be made to your insurance program until confirmed by a licensed agent during regular business hours. Martin Insurance Agency provides homeowners insurance, auto insurance, business insurance, life insurance and many other insurance services in Lancaster County, PA.